ADABTC breaks below prior session low
Cardano/Bitcoin Index (ADABTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ADABTC ended Saturday at 0.00001802 losing BTC0.00000062 (-3.33%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.00001831, the cryptocurrency confirms its breakout through the previous session's low having traded BTC0.00000037 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ADABTC as at Aug 11, 2018):
Saturday's trading range was BTC0.00000075 (4.01%), that's below last trading month's daily average range of BTC0.00000097. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being exactly the same as average.
Prices are trading close to a key support level at 0.00001760.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 0.00001751 where further sell stops could get activated. With prices trading close to this year's low at 0.00001671, downside momentum might accelerate should the market break out to new lows for the year.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTBTC closing -11.22% lower. Read more